BBA: Precious metals recover slightly

Mumbai, Jan 11: Both precious metals recovered today after yesterday's fall on better buying support, with silver rising by Rs 415 per kg and gold by Rs 230 per ten gm in the opening session of trading in Bombay Bullion market, dealers said.

In the international market, too, gold recorded a high. Reports from the Singapore market said gold extended gains today and hit a record high near USD 900 an ounce, driven by speculative buying after comments by the Federal Reserve Chairman Ben Bernanke sparked speculation of further rate cuts. Spot gold hit an all time high of USD 898 an ounce before dipping to USD 892.30/893.10 an ounce, still higher than the USD 889.90/890.60 hit late in New York yesterday.

COMEX gold futures hit a record high, with the most active February contract rising as high as USD 899.9 an ounce before slipping to USD 894.7 an ounce, up USD 1.1 from Thursday's close.

Silver rose to USD 16.13/16.18 an ounce from USD 16.12/16.17 late in New York.